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A company is a single entity, but a bank is representing many entities, so I do think it matters which entity the bank was representing at that point in time.
by 542458 6y ago
A company is a single entity, but a bank is representing many entities, so I do think it matters which entity the bank was representing at that point in time.
If I overpaid a contractor by mistake, I don’t think that contractor should get to keep my money under the logic that somebody else who uses the same bank also owed that contractor money.
- bradleyjg 6y agoIf I owe you money and John Smith knocks on your door, hands you a pile of money, and says “this is from bradleyjg to pay off his debt” I think it is entirely reasonable to rely on that representation. You lent money, it was paid back by the borrower’s agent, the transaction is over.
- ineedasername 6y agoExcept they didn't say that. They sent it by accident. And there's decades of case law siding with banks against "bank error in your favor" situations.
- thaumasiotes 6y ago> Except they didn't say that. They sent it by accident. You're half right. They sent it by accident.
- ineedasername 6y agoThere's no indication in any reporting that the money was sent with a note or memo saying "this is to pay the full Revlon debt". To all known facts, they simply sent the money.
- user5994461 6y agoYour contractor contract should have a clause to specify that he must return overpaid money. My employment contracts all had that. This helps dealing with this sort of issues :) Citigroup, Revlon and Bridage certainly have long complicated contracts on that loan, that should cover what to do. Well, I really hope they thought of covering the basics while drafting a billion dollar loan.